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Declaring a non 50:50 property ownership split.

Question You mentioned in your very first tax strategy that it was possible to have properties in a non 50:50 split. I can see exactly how this will be tax beneficial if my partner pays tax at a lower rate than myself.

However, how do I declare the non 50-50 split to the Inland Revenue?

Arthur Says
As you learned from the property tax strategy, where property is in joint names, by default it is treated as being owned equally for income tax purposes.

This is unless it is actually owned in some different proportion and a declaration is made to that effect to the Inland Revenue.

Such a declaration takes effect from the date it is made, providing notice of the declaration is given to the Inland Revenue via Form 17 within 60 days.

It is important to note that the form only covers the assets listed on it.

Evidence of the non 50-50 ownership of the asset should also be provided to the Revenue together with Form17.

However, it is important to note that different Revenue offices differ with regards to what evidence is required to prove a non 50:50 split for a property.

There are two common ways to prove the split:

a) A signed declaration by the two parties concerned that ownership of the joint asset is no longer 50-50 but is now in some other proportion.

This is acceptable to some Revenue officers.

However other officers want the following:

b) More formal property documents that include the following:
  • The deeds of conveyance
  • The bank accounts - to see letters to the bank and from the bank confirming the change.

The best thing is just to send in a), but be prepared to send in b) if the Revenue requires it or asks any further questions.

If you would like to download a copy of Form 17 the please visit the following link: www.inlandrevenue.gov.uk/pdfs/form17.pdf

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